Many parents and grandparents open an LLL Children’s Account when a baby is born. As they grow up, these savings accounts provide a great way to introduce kids to saving.
Savings accounts for babies and kids can help them develop a healthy savings habit for life. Deposits can be made regularly via electronic transfer and the balance can be checked easily online.
Introduce your kids to saving when they are younger, and they may even thank you when they’re older.
Features of an LLL Children's Account:
When the first LLL Children’s Account is opened in a child’s name, the LLL will open the account with a gift of $5.00. So your child is already off to a good start.
Passbooks are issued for all children with an LLL Children’s Account. Guardians also have internet access with LLL@Home.
An LLL Children’s Account is in your child’s name, but you are the guardian of the account until such time as you feel your child is old enough to manage it. When they are ready, all you need to do is contact the LLL and request a Relinquish Guardianship form. Then it’s your chance to discuss together the options for using their savings.
If your child attends a Lutheran school, deposits can be made at the school.
ASIC's Money Smart Families is a webpage of resources to support and promote consumer and financial literacy in Australian families.
Also, without affecting the account, you can nominate an LLL Children’s Account as a Matching Deposit to benefit a particular Lutheran Church of Australia project, such as your local Lutheran school, your congregation or another worthwhile Lutheran project.